Alchemix has put its paperwork on the table. The DeFi protocol known for self-repaying loans filed a B2 Token Transparency Filing with Blockworks, laying out how it is governed, how its token works, and how the business is performing.
The filing landed on October 8, 2026, and completion was announced on October 14. It spans the protocol’s operating framework, governance setup, tokenomics and financial results.
Alchemix offers loans that pay themselves off using the yield generated by the borrower’s collateral. Borrowers face no interest and no liquidations.
Version 3 folds saving and borrowing into vaults powered by Mix-Yield Tokens, or MYT. Users can borrow up to 90% of their collateral’s value. Their deposits keep earning yield the whole time. V3 also brings diversified yield strategies and a fixed-duration redemption feature called the Transmuter. The migration wrapped up in April 2026 across three chains.
Governance without a foundation
The protocol has no foundation and no traditional corporate entity running the show. The Alchemix DAO operates through a multisig, a wallet that requires several signers to approve actions rather than one person with a password.
The DAO issued the ALCX token and governs the project, which is released under a Business Source License.
There is one legal entity in the picture. The Alchemix Association is a Swiss Verein, a type of nonprofit association, set up under governance proposal AIP-113. It has no power to execute transactions or upgrade the protocol.
Token supply and emissions
ALCX launched in March 2021 with a pre-mine of 478,612 tokens. That initial batch included allocations for the DAO treasury and bug bounties.
Since March 2024, the protocol has followed a long-tail emission schedule of 2,200 ALCX per week.
The first v3 quarter
The Q2 2026 financial report is the first since v3 went live. Alchemix generated approximately $329,000 in revenue during the quarter, a 34% increase over the previous quarter. Mainnet stablecoin deposits rose 73% to $7.41 million over the same period.
What this means
The filing reduces the guesswork on who controls upgrades, how many tokens enter circulation, and what the protocol earns. Alchemix’s disclosure draws a clear line between the DAO, the multisig and the Swiss Association.
At 2,200 ALCX per week, new supply keeps arriving whether or not revenue keeps climbing. If protocol earnings grow faster than token issuance, that pressure becomes easier to absorb.
Things to monitor from here: the Q3 2026 financial report, any governance proposals that touch the multisig or the Association’s mandate, and how deposits behave across the three chains now running v3.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.